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 & (1) & (2) & (3) \\
VARIABLES & FDinv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w & FDinv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w & FDinv\_mu\_sepcal\_TL\_sFSQ\_t1\_pos\_w \\ \hline
 &  &  &  \\
FDshare5 & -0.268*** & -0.268*** & -0.293*** \\
 & (0.0916) & (0.0931) & (0.0987) \\
Constant & -0.00327** & -0.00327*** & -0.00327*** \\
 & (0.00132) & (7.22e-07) & (2.20e-07) \\
 &  &  &  \\
Observations & 8,051,767 & 8,051,767 & 8,051,762 \\
R-squared & 0.000 & 0.000 & 0.008 \\
Firm FE & No & No & No \\
Year FE & No & Yes & No \\
Cluster & Firm Year & Firm Year & Firm Year \\
 Year*Market FE &  &  & Yes \\ \hline
\multicolumn{4}{c}{ Robust standard errors in parentheses} \\
\multicolumn{4}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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